A local councillor has voiced concerns that consumers are being “ripped off” by sharply-increasing insurance costs.

Sinn Féin’s Stephen McCann raised the issue at Tuesday night’s Council meeting, where the Council agreed to write to both the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) on the issue.

Councillor McCann said: “I would like to bring up the extortionate increase in insurance premiums, which is something that everyone in this chamber will be experiencing.

“Over the last 12 months, insurance premiums have gone through the roof, with many consumers seeing their premiums more than double, or more, without any claims being made.

“For the first time, the average car insurance premium in the North is in the region of £1,000. That’s some increase from what it was just a short while ago. This is putting a huge strain on already stretched households.”

Councillor McCann then accused insurance companies of “profiteering” during the cost-of-living crisis.

“I recognise that insurance premiums can fluctuate for various reasons, but such extortionate increases can only lead to the conclusion that consumers here are being ripped off,” he said.

“A quick Google search and you can see some of the headlines. Allianz profits jump by up to £50m, Abbey boosts profits by 15 per cent.

“Clearly, insurance companies are profiteering all the while constituents are feeling the pinch.

“Who holds these insurance companies to account?”

Councillor McCann proposed that the council writes to both the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) to investigate “spiralling” insurance costs.

The proposal was seconded by Sinn Féin’s Anthony Feely, who stated: “I was chatting to a young fellow who has just started to drive, who was quoted £3,600 for insurance. I thought it was desperate.”